The Cabinet on Wednesday approved signing and ratification of protocol between India and Japan for amending the Double Taxation Avoidance Convention. Signed between the two countries in 1989, it was for avoidance of double taxation and for prevention of fiscal evasion, through a protocol.
An official statement said that this protocol will facilitate exchange of information, as per accepted international standards, on tax matters including bank information and information without domestic tax interest.
The Cabinet has also approved a Memorandum of Understanding between Indian and Germany, for implementation of Make in India campaign for capital goods sector. The MoU has been signed between Department of Heavy Industries and Fraunhofer Gesellschaft. It will help PSUs to have access to the expertise of the Germany body.
It also approved the MoU between the two countries for expanding bilateral development cooperation in solar energy sector. Under the agreement, Germany will provide concessional loans in the range of one billion Euros over the next five years through KfW.
Tie-up with Israel for water resources management
The Cabinet also gave its nod for signing of MoU with Israel in the field of water resources management. The bilateral cooperation will benefit the countries in strengthening techniques in efficient use of water and micro-irrigation among others. A Joint Working Group shall be formed to monitor the activities to be carried out in fulfilment of the MoU, an official statement said.
The Cabinet also appoved an MoU between India and Iran on visa facilitation for diplomatic, official and ordinary passport holders.
Approval was also given for the proposal to set up six new Indian Institutes of Technology (IITs) in Andhra Pradesh, Chhatisgarh, Goa, Jammu, Kerala and Karnataka. The total cost for running these IITs would be ₹1,411.80 crore and will be incurred between 2015-16 and 2018-19.
It also approved the revised cost estimates to the tune of ₹ 4,799 crore as against the originally approved cost of ₹2,500 crore, for setting up of five Indian Institutes of Science Education and Research at Kolkata, Pune, Mohali, Bhopal and Thiruvananthapuram.